Summary of The Role of Financial Services in Society

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Rating

7 Overall

8 Importance

7 Innovation

7 Style


Recommendation

Technology has been a springboard for new business models of funding and payment systems, bringing the role of financial services front-and-center in public interest concerns. Nonbank firms are expanding the definition of a financial services company and competing with traditional institutions. This concise study from the World Economic Forum offers a solid blueprint for initiating globally collaborative discussions on how to address emerging financial system risks. getAbstract recommends it to policy makers and executives responsible for guiding the future of the financial services industry.

In this summary, you will learn

  • How new technology innovations are changing the way financial companies do business,
  • What critical risks the changes pose to financial system stability, and
  • What recommendations public- and private-sector industry participants can follow to provide a solid groundwork going forward.
 

About the Author

The World Economic Forum is an independent global organization that engages leaders of business, politics, academia and society to improve the state of the world.

 

Summary

Technology-enabled innovation is broadening access to and lowering the costs of financial services. Strengthened regulations are in effect, competition is on the rise and enhanced consumer information is available. But these transformations also bring new risks to the financial system, such as data ...

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